Hyperlocal delivery platform Dunzo has raised around Rs 34.56 cr in the last one month from existing investor Alteria Capital by issuing both debentures as well as Series C1 preference shares to raise the capital.
The Bengaluru-based startup has been grabbing funds left and right to sustain its substantial cash burn rate and fuel its much-needed expansion in other cities in India.
The company also passed special resolutions regarding changes in its capital structure. As per the RoC filings with MCA, the members consented for issuing 1,300 Series D non-convertible debentures to raise debt worth Rs 13 core from Alteria Capital Advisors.
Additionally, the authorised capital was raised to Rs 78,09,000 to further facilitate the issue of 295 Series C1 CCCPS to Alteria. The resolution to issue the above-mentioned shares at Rs 52,927.2( including premium Rs 52,917.2) was also passed, which will pour another Rs 1.56 crore in the task management company.
Continuing its efforts to raise working capital and compete against deep-pocketed rival Swiggy, Dunzo allotted another 2000 Series E NCDs worth Rs 100,000 each to Alteria l, adding Rs 20 crore to its outstanding debt capital. Both Series E and Series D NCDs carry a coupon rate of 15%.
With these recent additions, the total debt capital raised by the company stands at Rs 56 crores as of today.
Of late, Alteria is continuing its debt play in the startup ecosystem. The venture capital firm had picked up unsecured debentures worth Rs 7 crore in lifestyle portal Little Black Book earlier this month. It had also invested Rs 31 crore debt in health-tech startup mfine along with another Rs 80 crore venture debt in digital lending platform Lendingkart.
Touted as the biggest venture debt fund in India, the Mumbai-based firm had closed its maiden fund at Rs 960 crore last month, with Binny Bansal, Azim Premji Foundation and Kiran Reddy leading the final tranche.